Resolution SBS No. 3276-2020: Resolution Establishing Exception Measure for the Collective Pension Insurance SISCO V Tender

Los Laureles Nº 214 - Lima 27 - Perú Telf. : (511)6309000 Fax: (511) 6309239 Lima, December 28, 2020 Resolution S.B.S.
No. 3276 -2020
The Superintendent of Banks, Insurance and Private Pension Fund Administrators

CONSIDERING:

That, by Supreme Decree No. 054-97-EF, the Unified Text of the Law of the Private System of Administration of Pension Funds was approved, hereinafter the SPP Law;

That, by Supreme Decree No. 004-98-EF, the Regulation of the aforementioned SPP Law was approved, hereinafter the Regulation;

That, within the framework of Law No. 29903, Law of Reform of the Private Pension System (SPP), the coverage of the disability and survivorship insurance and funeral expenses was redesigned through a collective policy, giving rise to the new model of disability, survivorship and funeral expenses insurance, called SISCO, based on a tender procedure designed in accordance with the provisions of articles 51 and 52 of the SPP Law;

That, said tender process is organized and carried out by the Private Pension Fund Administrators (AFP) jointly, which is subject to the provisions issued by the Superintendency;

That, by Resolution No. 232-98-EF/SAFP, Title VII of the Compendium of Regulatory Supervision Norms of the Private Pension Fund Administration System, referred to Benefits, was approved, hereinafter Title VII, in which, among other aspects, the award process of SISCO is regulated, as well as its characteristics, obligations, responsibilities and guarantees;

That, based on the experience of previous tenders for SISCO V and due to the impact and unpredictable consequences that COVID-19 has had on the claim experience for the administration of this insurance, necessary improvements to the SISCO V tender process have been identified to allow its execution under conditions adjusted to the new market conditions resulting for these purposes, in order to promote guaranteeing coverage in favor of affiliates as well as preserving the solvency and sustainability over time of the insurance and private pension systems;

That, to this end, it is necessary to adjust certain provisions issued for SISCO V, so as to guarantee the proper continuity of the provision of pension insurance by the insurance companies participating in the current tender process, as well as by those administering the disability, survivorship and funeral expense risks under the so-called SISCO IV, so as to guarantee a scenario of adequate protection for affiliates participating in the SPP and who, in their capacity as such, are exposed to the risks of disability, survivorship and funeral expenses;

Having the approval of the Adjunct Superintendencies of Private Pension Fund Administrators, Insurance and Legal Advice; and,

In exercise of the powers conferred by numeral 9 of article 349 of the General Law of the Financial System and the Insurance System and Organic Law of the Superintendency of Banks and Insurance, Law No. 26702 and its amendments, literal d) of article 57 of the SPP Law and under the exception conditions established in Supreme Decree No. 001-2009-JUS and its amendments;

RESOLVES:

Sole Article. - Incorporate into the Forty-Eighth Final and Transitory Provision of Title VII of the Compendium of Regulatory Supervision Norms of the Private Pension Fund Administration System, approved by Resolution No. 232-98-EF/SAFP and its amending norms, referred to Benefits, the following text:

“Forty-Eighth. - Flexibility in the SISCO V Tender Processes (…) For the purposes of the SISCO V tender carried out by the AFPs, and given the claim conditions resulting from the health emergency caused by COVID-19, the provisions of paragraph d) of Article 258 of Title VII do not apply, in which case, in the event that one (1) fraction remains unawarded in the SISCO V tender process, said fraction may be awarded to the insurance companies that had obtained the good bid in the SISCO V tender, provided that they had fractions under their administration in SISCO IV, distributed proportionally, according to the number of fractions that had been awarded to the insurance companies in the second process and to the same value of the premium rate awarded by each insurance company.”

Register, communicate and publish.

JAVIER POGGI CAMPODÓNICO
Superintendent of Banks, Insurance and Private Pension Fund Administrators (a.i.)